Modi says India "is not yet a major exporter to Russia" at Brics summit

At the Brics summit in New Delhi, Indian Prime Minister Narendra Modi hosted Russian President Vladimir Putin, who wanted broader economic ties and a reduced role for the US dollar in payments. The meeting’s declaration mentioned possible payment alternatives but left room for members to follow their own priorities, and the article said Putin achieved little on his trade aims. India and Russia set a $100 billion two-way trade target for the decade’s end. Modi noted that Russian oil made up $60 billion of that total and that the flow of goods from India to Russia was much smaller, meaning growth would depend on Moscow purchasing more Indian-made goods. Russia’s finance ministry also reported lower oil and gas revenue for the first eight months of 2026, constraining its ability to import manufactured products.